Struggling to find upward momentum, Bitcoin Cash has shed $0.5 to currently trade at $115.29 as it ranges between $114.25 and $116 so far today.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bitcoin Cash's upper Bollinger Band® is at $119.75 which indicates a further downward move may follow. Visual analysis of BCH's chart shows that Bitcoin Cash could begin to recover as it approaches significant support, now $2.35 away from $112.94. Dipping below could be an indication that further losses are ahead.
Notwithstanding BCH's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Litecoin closed at $76.19 (down 3.03%).
Other assets are showing positive performances as Dogecoin jumps 7.67% to trade around $0.088. FTX Token ascends 6.4% to trade around $1.46.
Bitcoin Cash has recovered 30.17% since descending to a significant low of $88.95 around 16 days ago. Bitcoin Cash is currently trading with a market cap of 2.22 billion with an average daily volume of 15.79 million.